Sanchez said the notes are two of the three rarest U.S. paper issues, nicknamed the “triple crown.” The third note is the $1,000 1891 Silver Certificate commonly known as the “Marcy note.” All three are unique in private hands. The complete set of eight rainbow notes from $1-$1,000 was exhibited by Sanchez at the January 2008 Florida United Numismatists convention in Orlando.

Rainbow notes were printed on special paper that had a vertical segment of blue color interspersed with a large number of silk fibers to deter counterfeiting, Sanchez explained. The combination of this paper with red serials numbers, Treasury seal, and the black main design gave rise to the term “Rainbow note.”

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